Liquidity has emerged as the primary concern for limited partners in the private equity market, with extended holding periods and high unrealized values prompting calls for capital returns from general partners. The secondaries market is experiencing robust growth, fueled by increased acceptance among investors and fund managers, as well as the integration of secondaries into private credit and infrastructure. Additionally, the rise of semi-liquid funds, which offer more frequent redemption opportunities compared to traditional closed-ended funds, is reshaping investment strategies.